Arrowstreet Capital Limited Partnership Sells 42,121 Shares of ScanSource, Inc. $SCSC

Key Points

• Arrowstreet Capital cut its ScanSource stake by 44.4% in the first quarter, selling 42,121 shares and retaining 52,800 shares worth approximately $1.92 million. Institutional investors overall own 97.91% of the company.
• ScanSource exceeded quarterly expectations, reporting $0.94 in EPS versus the $0.91 estimate and $758.59 million in revenue, up 8.8% year over year.
• Despite the stock opening at $57.37—well above the $43 consensus price target—analysts maintain an average “Hold” rating, with three analysts currently rating the shares Hold.

Arrowstreet Capital Limited Partnership decreased its position in ScanSource, Inc. (NASDAQ:SCSC - Free Report) by 44.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,800 shares of the industrial products company's stock after selling 42,121 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.26% of ScanSource worth $1,917,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SCSC. Teacher Retirement System of Texas raised its position in ScanSource by 333.8% during the fourth quarter. Teacher Retirement System of Texas now owns 153,041 shares of the industrial products company's stock worth $5,978,000 after acquiring an additional 117,762 shares in the last quarter. Vanguard Group Inc. grew its position in shares of ScanSource by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 2,827,007 shares of the industrial products company's stock valued at $110,423,000 after acquiring an additional 78,993 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of ScanSource by 65.3% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 133,593 shares of the industrial products company's stock valued at $5,222,000 after acquiring an additional 52,763 shares during the period. Fifth Third Bancorp increased its stake in shares of ScanSource by 12,457.4% during the 1st quarter. Fifth Third Bancorp now owns 25,617 shares of the industrial products company's stock worth $930,000 after purchasing an additional 25,413 shares during the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of ScanSource during the 1st quarter worth about $1,848,000. 97.91% of the stock is currently owned by institutional investors.

ScanSource Price Performance

NASDAQ:SCSC opened at $57.37 on Thursday. The company has a market cap of $1.17 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.91 and a beta of 1.28. The firm's fifty day moving average price is $51.78 and its two-hundred day moving average price is $43.55. ScanSource, Inc. has a one year low of $33.76 and a one year high of $59.60. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.86 and a quick ratio of 1.20.

ScanSource (NASDAQ:SCSC - Get Free Report) last posted its earnings results on Thursday, May 7th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.91 by $0.03. The company had revenue of $758.59 million during the quarter, compared to analysts' expectations of $738.55 million. ScanSource had a net margin of 2.38% and a return on equity of 9.35%. ScanSource's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 EPS. Equities analysts expect that ScanSource, Inc. will post 3.9 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of ScanSource from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, May 29th. Wall Street Zen lowered ScanSource from a "buy" rating to a "hold" rating in a research note on Saturday, July 18th. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat, ScanSource currently has an average rating of "Hold" and a consensus price target of $43.00.

ScanSource Profile

ScanSource, Inc is a global provider of technology products and solutions designed to help businesses enhance operational efficiency and customer engagement. The company specializes in the distribution of point-of-sale (POS) systems, barcode and data capture devices, networking and communications equipment, and value-added software and cloud services. By combining hardware, software and professional services, ScanSource supports channel partners in delivering end-to-end solutions across multiple industries, including retail, hospitality, healthcare and logistics.

Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource has built a broad international footprint, serving customers throughout North, Central and South America as well as Europe, the Middle East and Africa.

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